Best Vehicle Insurance Companies – Electric car owners are becoming increasingly common in Singapore, and for good reason. Electric vehicles make perfect sense in a busy city with more than 2,000 traffic lights. With fuel prices rising and electric vehicle charging stations set to double by 2030, owning an electric vehicle is more cost-effective than ever. It was more comfortable.
In addition, in the future, only electric vehicles and clean energy models will be allowed to register, and the reason for switching from existing cars to electric vehicle models such as Toyota Prius or Nissan Leaf is clear. Many benefits are provided.
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This means that all electric vehicles require electric vehicle insurance. And before you insure your new electric car, here are some important things you need to know about electric car insurance in Singapore. Read on to learn more.
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Trying to insure an electric vehicle presents several more complex issues than for a traditional car. Before you find the perfect electric car insurance policy, you’ll want to know these five things.
At the time of writing, only a few insurers offer electric vehicle insurance in Singapore. The rest still prefer regular car insurance policies over petrol car insurance. This makes it somewhat difficult to compare the markets to find the best electric vehicle insurance rates.
After that, most insurance companies price EV insurance based on a variety of factors and sub-factors, including the make and model of your new electric vehicle. Advanced or premium models generally cost more, but standard rules apply and things like age, no-claims discount, accident history, etc. will affect the total cost charged to the insurer when purchasing a policy.
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Unfortunately, despite lower tailpipe emissions and other benefits compared to fossil fuels, not all EV insurance premiums include the same electric vehicle coverage you would expect for a regular gasoline or diesel car. For example, if you want to get coverage for battery failure, breakdowns and other maintenance issues, you may have to pay extra or add additional maintenance packages that your comprehensive policy is supposed to cover as standard.
Electric car insurance in Singapore can mainly be purchased through UBI (Usage-Based Insurance). This is good news for electric car owners who only want to use their car occasionally rather than every day. UBI insurance installs a remote tracking device on the vehicle, provides accurate information to the insurance company, and pays an agreed upon price per kilometer instead of an annual premium. This means that some insurance companies may offer this service while others may not.
Luxury electric cars like the Tesla Model S or Tesla Model 3 are incredibly popular in Singapore, but not all EV insurance policies include Tesla-specific features. For example, Tesla Autopilot provides a great driving experience, but Autopilot-related accidents may be excluded from coverage, as can Tesla paid accidents. Before signing up for insurance, you should always check the policy wording carefully to ensure you are 100% aware of what you are paying.
Now that you know what to expect from EV insurance coverage, let’s take a look at some of the best electric vehicle insurance companies in Singapore and the types of EV insurance policy financing products they offer.
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Currently, the top five electric vehicle insurance products in Singapore are AAAA Car Insurance, NTUC Income Drive Electric, Liberty Insurance, Allianz Electric Motor Protection, G&M Electric Vehicle and Tesla Insurance. However, each provider offers different benefits. Which service is best for you? Let’s review how these guidelines compare by key categories.
Ultimately, which insurance company is best for you will depend on a number of important individual factors, including your age, driving experience, type of electric vehicle you own, and exactly what you want in your insurance policy. Think about these things carefully before you start shopping and comparing markets.
Frequently Asked Questions About Electric Cars and Car Insurance (Frequently Asked Questions) 1. Is it more expensive to insure an electric car?
Yes. Electric vehicles generally cost more to insure than internal combustion engine vehicles. How much you pay can depend on several factors, including your age, driving experience, and the make and model of EV you’re driving.
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Electric car insurance in Singapore is generally more expensive than regular car insurance due to the lack of electric car insurance policies and expensive spare parts for electric cars. This means that Singaporeans who are safe drivers and have good NCD records can get better rates than other drivers. Regular car insurance doesn’t vary much in cost, but moving up the price scale has many advantages and benefits.
Typically, you’ll have to pay slightly more for electric car insurance than you would for an insurance policy that covers traditional cars that burn fossil fuels like gasoline or diesel. Typical insurance policies from most insurance companies in Singapore range from $900 to $6,000.
Yes, car insurance is always mandatory in your state. At a minimum, you will always need third-party auto insurance.
Electric car prices in Singapore vary greatly depending on the make, model and specifications you want. A basic Toyota Prius or Nissan Leaf can start at around $135,000, while a top-of-the-line BMW or Tesla can cost upwards of $200,000, and you’ll inevitably pay higher insurance premiums.
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Typical operating costs for electric vehicles can vary greatly. In general, maintaining an electric car in Singapore is cheaper than filling up an old petrol or diesel car.
Although mass adoption of electric vehicles is expected to occur in the next few years, the main reasons consumers currently do not purchase electric vehicles are lack of charging stations and insufficient vehicle range. That said, the number of public charging stations in Singapore is expected to double by 2030, and manufacturers continue to improve technology to further improve prices.
Electric car insurance in Singapore is not cheap, but it is entirely possible to save money by shopping around, comparing markets and contacting each authorized broker to get a customized quote. But before paying for EV insurance in Singapore, don’t forget the following:
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